Updated on May 24, 2019 10:24:27 AM EDT
This morning’s sole economic data was Aprils Durable Goods Orders. The Commerce Department announced early this morning that new orders for appliances, airplanes and other big-ticket products fell 2.1% last month, nearly matching expectations. There was a fairly large downward revision made to March’s orders, hinting that the manufacturing sector was a little softer than previously thought. Also good news was a secondary reading that excludes more costly transportation-related order (airplanes) that was unchanged when it was forecasted to rise 0.2%. Generally speaking, these readings were favorable for bonds but this data is known to be extremely volatile from month to month, so the small variances are not enough to fuel further gains in the bond and mortgage markets.
The bond market will close at 2:00 PM ET today ahead of Monday’s Memorial Day holiday and will reopen for regular trading Tuesday. Stocks will be in full session today but will also be closed Monday. We wish everyone a safe and wonderful holiday weekend.
Next week brings us the release of a few relevant economic reports along with a couple of potentially influential Treasury auctions. Look for details on next week’s calendar in Sunday evening’s weekly preview.
©Mortgage Commentary 2019